bankruptcy

Institute for Public Accuracy News Release, June 26, 2014 AP is reporting: “U.N. experts say water shutoffs at Detroit homes due to overdue bills violate international human rights. “Right to water and sanitation expert Catarina de Albuquerque says Wednesday that disconnections due to non-payment are ‘only permissible if it can be shown that the resident […]

Detroit’s emergency manager spokesperson, Bill Nowling, said the shutoff policy is a necessary part of Detroit’s restructuring. Keep in mind that 38% of Detroiters live in poverty. That per capita income for city residents is $14,861. That the reported unemployment rate is 14.5%. …the water department’s shutoff policy is uncompromising, making no exceptions for households […]

By Margaret Kimberley, Black Agenda Report, June 25, 2014 The Race to the Bottom under global, militarized capitalism creates communities of shared misery. Increasingly, it is almost as dangerous to be inside U.S. borders as on the outside. “Iraq was invaded with soldiers, guns and bombs. Detroit was invaded by the corporate ‘suits’ who made […]

A right-wing state and corporate push to cut off water is economic shock therapy at its most ruthless and racist, but resistance is growing. By Martin Lukacs, the Guardian, June 25, 2014 It was six in the morning when city contractors showed up unannounced at Charity Hicks’ house. Since spring, up to 3000 Detroit households […]

By David Sole, Detroit Water Department retiree and Stop Theft of Our Pensions Committee organizer June 18 — Retired city of Detroit workers continue to oppose deep cuts to their pensions in the face of enormous pressure from the bankruptcy court, politicians and the corporate media. Rank-and-file committees of retirees continue to find a lot […]

By Kris Hamel, June 20, 2014 After picketing the Detroit Water and Sewerage Department building on June 13 to demand the end of water shutoffs to thousands of Detroit households behind in their bills, “Detroit Freedom Friday 6” participants boldly marched through downtown to Bank of America. Chanting, “Make the banks pay, not the retirees!” […]

By Kris Hamel, June 13, 2014 Detroit Freedom Friday 5 gathered in front of the Detroit Water and Sewerage Department building on June 6. Activists opposing rule by the banks and their Emergency Manager, plus city retirees facing steep cuts to their pensions, environmental advocates and other concerned people, demanded an immediate end to mass […]

AN EDITORIAL STATEMENT ON THE GRAND BARGAIN A number of Detroit pensioners have asked us whether they should vote “Yes” or “No” on the so-called “Grand Bargain”. While as CFDF president, I explained that I am not a city retiree, I also explained that my mother was. For that reason, I agreed to share the […]

Detroiters fight shutoffs By Kris Hamel, May 26, 2014 May 26 — The city of Detroit recently began to cut off water to residents behind in their bill. The measure — in effect telling the people to “Go thirsty, dirty and sewerless!” — was part of banker and emergency-manager-imposed austerity. It aroused a rapid protest. […]

By Kris Hamel, May 19, 2014 Ballots will be sent the week of May 12 to tens of thousands of city of Detroit retirees to vote “yes” or “no” to pension cuts being imposed by the state-appointed emergency manager, Kevyn Orr. These cuts are part of the municipal bankruptcy forced onto the city by Orr […]

ISDA Master Agreement

The ISDA master agreement is the most commonly used master contract for OTC derivative transactions internationally. It is used to govern many of the financial transactions between the City of Detroit and Wall Street. Below are links to the agreement and sites with explanations.